With overall property market going down, everybody is wondering who is buying off plan in Dubai. Below are my reviews on off plan market in Dubai.
Tenant and existing owners are the majority buyers or we can say end users of off plan Dubai as compared to 2003-2008 off plan where investors dominated the off plan.Due to this rentals are going down gradually as tenants are moving to their own houses on handover.This has also affected the ready property prices and hence people talking overall real estate market is down in Dubai which is not the actual scenario as sales haves shifted from ready to off plan and not the market going down.
Let's take a look at the land department figures of annual sales transactions in last 4 years
2015 - Total AED 54 Billion approx ( READY - AED 26 Billion and OFF PLAN - 28 Billion )
2016 - Total AED 47 Billion approx ( READY - 20.7 Billion and OFF PLAN - 26.3 Billion )
2017 - Total AED 58.6 Billion approx ( READY - 22.6 Billion and OFF PLAN - 36 Billion )
2018 - Total AED 40 Billion approx ( READY - 16.2 Billion and OFF PLAN - 28.3 Billion )
The above figures show that market has neither gone up nor gone down , in fact it is more or less stable which means this is the best time to buy a property and off plan with post handover payment plan is the best option as per my opinion without paying any interest to any financial institution and with flexibility to mortgage anytime after the handover.
The above figures also indicate that sales have shifted from ready to off plan from 2015 - 2018 and market has been stable and expected to rise in near future.
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